CARLSMED, INC.

For the period ended Sep 30, 2025. Filed Nov 6, 2025.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Sep 30, 2025 · Filed Nov 6, 2025

CARL$14.52-5.2%Stored close · as of Nov 6, 2026

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(in thousands, except share and per share amounts)

	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
Revenue	$13,074	$6,590	$35,346	$17,757
Cost of sales	3,147	1,792	8,914	4,733
Gross profit	9,927	4,798	26,432	13,024
Operating expenses:
Research and development	4,445	4,035	11,755	11,289
Sales and marketing	9,610	6,622	24,218	15,092
General and administrative	4,907	1,918	11,715	6,068
Total operating expenses	18,962	12,575	47,688	32,449
Loss from operations	(9,035)	(7,777)	(21,256)	(19,425)
Other income (expense):
Interest expense	(380)	(402)	(1,100)	(943)
Interest income	954	394	1,670	920
Change in fair value of warrant liabilities	(65)	(28)	(335)	(89)
Total other income (expense), net	509	(36)	235	(112)
Net loss and comprehensive loss	(8,526)	(7,813)	(21,021)	(19,537)
Deemed dividend to preferred stockholders	—	(592)	(584)	(592)
Net loss attributable to common stockholders	$(8,526)	$(8,405)	$(21,605)	$(20,129)
Net loss per share attributable to common stockholders, basic and diluted	$(0.40)	$(2.06)	$(2.15)	$(4.97)
Weighted-average number of common shares used to compute basic and diluted net loss per share	21,081,330	4,088,553	10,051,623	4,046,210

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